This study investigates how cryptocurrency ownership varies across countries using a set of variables that reflect a country's overall economic circumstances and long-term outlook. Despite the nascent stage of the cryptocurrency market and the concomitant deficiency of the data on cryptocurrency, a multiple linear regression is fitted as an incipient step towards more advanced future studies. Our empirical findings show that cryptocurrency ownership is more likely to grow in a country with (1) a high human capital stock such as citizens' health and education and (2) a rich endowment of legal property rights. It was also inferred from the regression results that cryptocurrency could be an effective hedge against inflation to some extent.

Using the data from the 36 OECD member countries over a time period of 1970-2017, we study variations in household saving rate across the countries through the lens of the socio-economic and -demographic shifts over time. In addition to traditional determinants of household saving such as life expectancy, education, average number of children born per woman over a lifetime, and household debts, we examined changes in the socio-economic and -demographic conditions that are conducive to the human capital value of female labor force and thus female employment opportunities. We have identified that the narrower is the gap between genders in higher education attainment and employment, the higher is the household saving rate. Our empirical findings also suggest that both giving childbirth at an old age and preferential income tax rates for households with children are negatively affecting the household saving rate.

The level of investment in information communication technologies (ICT) that may affect stock market capitalization varies substantially across countries. Using data on 81 countries from 1998 to 2014, we use a country-fixed effects model to estimate the relationship between ICTs and stock market capitalization. Our empirical model is built on the premise that (1) increased deployment of ICT allows financial market participants to make more informed decisions at reduced inherent risks associated with deficient information or uncertainty in financial markets; and (2) increased access to and use of information communication technologies is expected to improve a country's economic fundamentals. The empirical results support our hypothesis that ICT expansions are positively associated with stock market capitalization.

In an effort to reduce exposure to secondhand smoke, many governments have enacted smoke-free laws in public spaces. To the extent that smoke-free laws change perceptions, norms, and attitudes about tobacco use, these laws may also reduce the prevalence and intensity of cigarette consumption. Using nationally representative data on over four million individuals spanning 15 years, we study the average effect of comprehensive, state-level indoor smoking bans on smoking prevalence in the United States. Our research design exploits within-state variation in smoking prevalence, as well as the rapid diffusion of comprehensive bans across states between 2002 and 2010. Our results suggest that a comprehensive indoor smoking ban is associated with a 2.35 percent to 3.29 percent average reduction in smoking prevalence, a range that is robust to various specifications. These effects are roughly equivalent to a $0.95 to $1.33 increase in the average state's cigarette tax in 2010. Finally, we demonstrate that state-level indoor bans in bars may significantly decrease smoking prevalence in specific subpopulations, particularly young, female, low-income, and binge-drinking individuals.

This study examines ICT adoption among 3,759 Colombian manufacturing firms to identify factors that are pertinent to the adoption and usage of ICT at the firm level. This article also attempts to ascertain if the determinants of a firm's ICT adoption vary across the firm size. Our major findings show that three main factors are complementary to a firm's ICT adoption: human capital, organizational changes, innovation results. Also, firms facing competition in markets abroad are more likely to adopt ICT. Information spillover within the industry is also identified as a determinant of ICT adoptions by firms.

This article is a departure from many prior studies in the literature on Medicare spending in the United States.Previous works have focused on time-invariant or hereditary demographic characteristics and congenital health status.In contrast, this study examined state-level variations in Medicare costs per enrollee with special emphasis on prominent acquired health-related lifestyle attributes that are more reversible over a short time period.Our main findings are (1) reversible acquired health-related lifestyle attributes such as smoking and obesity are statistically significant determinants of state-level variations in Medicare costs; and (2) state-level variations in Medicare spending is elastic with respect to changes in the prevalence of the two acquired health-related lifestyle attributes.

The impact of mobile and fixed telephones on economic growth has been the subject of increasing scrutiny in the literature on economic development. It is even of interest to theoretical macroeconomists, as it provides a useful test of the positive network externalities that should be present if endogenous growth theory is correct. We study the relationship between teledensity and growth in Asia, as the countries there have experienced wildly different levels of telephone penetration per capita, and of rates of growth of GDP per capita. We estimate several econometric models, one which explicitly treats telecom as strictly exogenous, and others which treat it as endogenous. Our conclusions are robust to the econometric specification. We find that the impact of teledensity on growth is positive, and increases with the level of telephone penetration. This provides support for endogenous growth theory.

We examine the effect of mobile cellular phones on economic growth in sub-Saharan Africa where a marked asymmetry is present between land line penetration and mobile telecommunications expansion. This study extends previous research along two important dimensions. First, we allow for the potential endogeneity between economic growth and telecommunications expansion by employing a special linear Generalized Method of Moments (GMM) estimator. Second, we explicitly model for varying degrees of substitutability between mobile cellular and land line telephony, so that greater expansion of mobile telecommunications can have a different impact whenever the level of land line penetration differs. We find that mobile cellular phone expansion is an important determinant of the rate of economic growth in sub-Saharan Africa. Moreover, we find that the contribution of mobile cellular phones to economic growth has been growing in importance in the region, and that the marginal impact of mobile telecommunication services is even greater wherever land line phones are rare. Given the low cost of mobile telecommunications technology relative to other broad infrastructure projects, especially land line infrastructure, we advocate that mobile telecommunication services be encouraged in the area.

The Republic of Kazakhstan has received large amounts of Foreign Direct Investment (FDI) relative to other countries within the Commonwealth of Independent States since its independence in 1991 from the Soviet Union. Kazakhstan expects to continue to attract FDI primarily because of its significant oil reserves. Simple regression analyses were employed to determine the impact of FDI on GDP, per-capita income and on individual sectors of the economy. Our analyses showed that FDI generally had a positive, although moderate, effect on Kazakhstan’s economicgrowthand per-capita income. The study also indicated that FDI had an adverse impact in some sectors, especially agriculture and manufacturing, crowding-out domestic investment. The largest share of FDI is directed towards the energy sector. We concluded that FDI alone may not be relied upon to promote sustainable growth of the Kazakhstan economy, but their commitment to more economic freedom should promote an improving economy.

This paper develops a formula for setting interest rates that are related to, or even reflect or indicate, real economic growth rates, as opposed to growth rates assumed by policy makers. The rates adjust for deviations of the projected GDP growth rate and inflation from the potential GDP growth rate and target inflation. The formula developed in this paper to make decisions on interest rates allows for the US Federal Fund rate to fully adjust for any gap between the projected and potential Gross National Product and also for the gap between projected and potential interest rates. Implications for policy makers of the formula for setting interest rates are discussed. Introduction The Federal Reserve is mandated to seek full employment and price stability through its monetary policy role. A policy instrument often used by the Fed is to target the federal funds rate. Although members of this institution vote on policy measures based on their own best judgment, it is recommend that they use some simple rules that may be applied consistently over time. A rule suggested by Taylor( 1993, 1998, 1999, 2007) is often said to be used by central bankers around the world for targeting short term interest rates. In this paper we propose an alternative rule which is more cognizant of the projected GDP growth rate and fully adjusts for any deviation from the target inflation and the potential GDP. Taylor suggested a formula for setting the real federal funds rate as a function of the difference between the real GDP and potential GDP and the difference between the actual and target inflation rates. Specifically, the rule was i = π + 2 + .5(?) + .5(π-2) (1) where i = the federal funds rate π = the rate of inflation over the past four quarters y = the percent deviation of real GDP from the potential GDP Now y = 100(Y-Y*)/Y* Y = real GDP, and Y* = real potential GDP The formula given in equation (1) is now known as the Taylor Rule and is purportedly used by many central bankers around the world for targeting short term interest rates. There is empirical evidence that the Fed's policy regarding the fed fund rates in the recent decade may indeed be described by the Rule. We are proposing a revised scheme where the federal funds rate fully adjusts to inflation, GDP growth and deviations from the potential GDP and target inflation. Specifically i = y* + π* + (y -y*) + (π- π*) (2) = y + π (2b) where, y = the projected real GDP growth rate π = projected inflation rate y* = potential GDP growth rate π* = the target inflation rate. Equation (2) indicates that that the nominal interest rate should vary equally with potential GDP growth rate, the target inflation, the difference between projected and potential GDP and the difference between projected and the target inflation rate . The reason the federal funds rate adjusts with the potential GDP growth rate is that it implies that capital should be rewarded at the same rate as the gain in the economy. Similarly, interest rates vary equally with the forecasted inflation rate in order to keep real interest rate constant. For each percentage point by which the projected real GDP falls below the potential GDP, the federal funds rate falls by an equal amount and the converse is true if the GDP exceeds the potential GDP Likewise, for each percentage point the actual inflation exceed the target rate, the fed funds rate rises by one percent and conversely. The argument for allowing the fed fund rate to fully adjust for the GDP gap and the difference between actual and target inflation is that it should prevent any buildup of the gaps so that prolonged or drastic action would not be needed in achieving the twin goals for GDP and inflation. …

Coupled with the early wave of privatization in the 80s of state-owned telecom enterprises, the reform trend in the telecom market has shifted toward the market liberalization since the 90s, resulting in extended multilateral negotiations on the introduction of competition into basic telecommunications. Building on the empirical model of Greene (1998), this study employs a recursive simultaneous bivariate probit model and examines how the ownership status of incumbent telecom operators affects the market liberalization in basic telecom services. The results show that the implementation of market liberalization programs is clustered where private ownership is more present while opportune stock market conditions and the government's capital constraints are positively associated with the privatization. This study provides the concerned governments with policy choices that can facilitate or retard the implementation of a market liberalization program in their respective countries.

At the center of the issues set out in the 1997 WTO Agreement on Basic Telecommunication Services was the creation of separate telecom regulatory agencies. Using the Cox proportional hazards model, this study examines how a country's socioeconomic factors affect the country's incentive to reorganize its regulatory structure and create a separate telecom regulatory agency. The main empirical findings suggest that a country's incentive to institute a separate telecom regulatory body is greater when its telecom sector performance is relatively poor and its political environment is more competitive with few institutional barriers. (JELL52, L96)

The paper attempts to identify the telecom-sector performance indicators, relevant economic variables, and institutional characteristics of a country that effect the process of privatization of state-owned telecom enterprises. Using standard duration analysis of a panel data, we demonstrate that the privatization incentives are not only shaped by the mobility of financial capital in a country but are also influenced by the degree of competitiveness of private sector participation in policy-making process. The empirical results also reveal the significant impact of productive efficiency in telecom service provision on its course to privatization.

This paper attempts to identify the telecom-sector performance indicators, relevant economic variables, and institutional characteristics of a country that affect the process of privatization of state-owned telecom enterprises. Using standard duration analysis of a panel data, it is demonstrated that the privatization incentives are not only shaped by a country's fiscal conditions but are also influenced by the degree of competitiveness of private sector participation in policy-making process. The empirical results also reveal the significant impact of efficiency in telecom service provision on its course to privatization.

Employing the VAR to estimate the Bank of Korea's reaction function, we find that the call rate reacts positively to a shock to the inflation gap, the output gap, the exchange rate gap, the stock price gap, and the lagged call rate during some of the quarters. In explaining the variance of the call rate, the inflation gap and the exchange rate gap are more influential in the short run whereas the output gap and the stock market gap are more important in the long run.

A natural monopolist whose cost is private information produces a good which is combined with another good that can be produced by the monopolist or by other firms. The agency that regulates the monopolist can impose any of several different market structures in the industry: integrated monopoly, vertical separation with free entry downstream, or liberalization downstream (both integrated and independent production). When several firms produce downstream, a Cournot quantity-setting game with free entry determines the market price. We derive the optimal contracts to offer the monopolist under all three market structures and examine the influence of downstream cost differences on access prices.

Abstract: This paper considers the potential impact of privatization and the existence of an autonomous regulatory body on outcomes in the telecommunications sector. Previous studies suggest that privatization leads to greater efficiency and network expansion; however, the evidence is not conclusive and some authors have found no positive results from privatization. This paper looks specifically at the Asia-Pacific region using a small panel data set. There do not appear to be any significant improvements in industry outcomes related to privatization. JEL Classifications: L50, L96. Richard G. Cox, University of Arkansas at Little Rock, Department of Economics and Finance, Little Rock, AR 72204-1099, U.S.A. email: rgcox@ualr.edu, ph: 501-569-8875. Sang Hyup Lee, Associate Professor of Economics, Southeastern Louisiana University, College of Business, Department of General Business, Hammond, LA 70402, U.S.A. email: Sang.Lee@selu.edu, ph: 985-549-3728.